Turnkey Multi-Family Investment
For Sale
$475,900
Pending
164 Main Street, Cohoes, NY 12047
MULTI_FAMILY - Other - Cohoes, NY
Property Size3,480 SF
Lot Size0.10 Acres
Days on Market76
Property Features for 164 Main Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
Multi Residence
Bedrooms
10
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 6, Bedroom 8, Bathroom 2, Bathroom 4, Bedroom 2, Bedroom 4, Bedroom 1, Bedroom 9, Bedroom 3, Bathroom 1, Bedroom 5, Bedroom 10, Bathroom 3, Bedroom 7
Patio and Porch features
Porch
Interior features
Built-in Features, Ceramic Tile Bath
Fencing
Fenced
Basement
Interior Entry, Finished, Full, Apartment, Walk-Out Access
Lot features
Level, Road Frontage
View
City
Elementary school district
Cohoes
Middle school district
Cohoes
High school district
Cohoes
Directions
787 South to Mohawk St, to right on Columbia, left onto Main St.
Standard status
Pending
APN
010300 10.83-2-5
Size
3,480 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Annual Amount
5736
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Baseboard, Natural Gas
Water source
Public
Building Details
Year built
1958
Number of units
4
Flooring type
Tile - Ceramic, Tile, Vinyl, Laminate
Building materials
Brick
Roof type
Rubber
Architectural style
Other
Listing Agency:
Carr Real Estate Group, LLC
(518) 488-2434
Listed By:
Richard Carr · License #10491207486
(518) 488-2434
Added: May 29
Changed: Jul 24
Last Checked: Aug 12 at 11:06AM
MLS# 202618422
Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This all-brick, four-unit multi-family property is located in Cohoes. It features a high-occupancy layout with a total of 10 bedrooms. Unit 1, located in the basement, has 1 bedroom and 1 bath. Units 2, 3, and 4 each have 3-bedroom layouts. The property has separate utilities, with tenants paying their own heat and electric. There are four separate natural gas and electric meters. Recent capital improvements have been made, including a new front exterior facelift with clean aluminum wrap and new vinyl siding across the entire rear exterior. The 1st-floor unit is intentionally left vacant.
Key Highlights
- All‑brick 4‑unit multi‑family built in 1958 with 10 total bedrooms across four apartments
- Unit mix: Unit 1 (basement) 1 bed/1 bath; Units 2–4 each feature 3‑bedroom layouts
- Separate utilities with 4 natural gas and electric meters; tenants pay their own heat and electric
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$40,182
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.44%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$803,640
$803.6K
Cap Rate 7%
$574,029
$574.0K
Cap Rate 9%
$446,467
$446.5K
Market Conditions
NOI Build-Up for 3,480 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$60.6K $17.40/SF
− Vacancy
−$3.1K −$0.90/SF
EGI
$57.4K $16.50/SF
− OpEx
−$17.2K −$4.95/SF
NOI
$40.2K $11.55/SF
Area
Albany County, NY
Vacancy
5.20%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$803,640
Cap Rate 7%
$574,029
Cap Rate 9%
$446,467
Alternative Uses
Best Use
Multifamily LT 5
$574.0K
$502.3K – $669.7K
NOI $40,182 @ 7.0% cap · market cap 8.44%
Second Best
Apartment 5plus
$531.0K
$464.6K – $619.5K
NOI $37,171 @ 7.0% cap · market cap 7.81%
Theoretical Best
Office A
$1.09M
$950.2K – $1.27M
NOI $76,014 @ 7.0% cap · market cap 15.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
694
Businesses Nearby
Explore this area
Business Placement
Demographics for 12047, NY
23,347
Population
10,963
Households
2.1
Avg Household Size
40
Median Age
33%
College-Educated
91%
High-School Grad
8.8 sq mi
ZIP Area
2,653
Density / Sq Mi
$66,970
Median Household Income
$46,476
Median Earnings
$1,213
Median Rent
$237,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit, all-brick multi-family property in the heart of Cohoes.
Where is this quadplex located?
The property is located at 164 Main Street Cohoes, NY.
What is the asking price?
The asking price for this property is $475,900.
What are key features of this property?
This property features: All‑brick 4‑unit multi‑family built in 1958 with 10 total bedrooms across four apartments; Unit mix: Unit 1 (basement) 1 bed/1 bath; Units 2–4 each feature 3‑bedroom layouts; Separate utilities with 4 natural gas and electric meters; tenants pay their own heat and electric
